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Chief executive Markus Jooste has resigned from the company with immediate effect on discovery of “new information” and the full-year results announcement has been postponed.

German prosecutors launched a criminal investigation in 2015 and seized documents and data in a raid on Steinhoff's Oldenburg offices relating to the tax treatment Steinhoff adopted on some of its recent acquisitions.

Four current and former managers, reported to include Markus Jooste, are under investigation for allegedly overstating the revenues of subsidiary companies as well as the total assets of the group.

The group have not elaborated on what new information has promoted the independent investigation.

German prosecutors said on Wednesday they could not estimate with certainty when their investigation will end.

In a statement on Wednesday, Steinhoff International said: “The Supervisory Board of Steinhoff wishes to advise shareholders that new information has come to light today which relates to accounting irregularities requiring further investigation.

“The Supervisory Board, in consultation with the statutory auditors of the Company, has approached PwC to perform an independent investigation.

“Markus Jooste, CEO of Steinhoff has today tendered his resignation with immediate effect and the Board has accepted the resignation.

“Steinhoff will update the market as the aforesaid investigation proceeds.

“The Company will publish the audited 2017 consolidated financial statements when it is in a position to do so.

“In addition, the Company will determine whether any prior years’ financial statements will need to be restated.”

Chairman Christo Wiese will take over the running of the company on an interim basis.

Last year Steinhoff warned the slump in the value of sterling following the UK's vote to leave the EU could have an adverse impact on its British businesses.

The group, which also owns Harveys and Bensons for Beds, paid £597 million for Poundland last year after losing out to Sainsbury's to buy Argos owner Home Retail Group.